[F1Reduction of adjusted ring fence profitsU.K.
Textual Amendments
F1Pt. 8 Ch. 9 inserted (26.3.2015) by Finance Act 2015 (c. 11), Sch. 13 para. 2
356JGReduction of adjusted ring fence profitsU.K.
(1)A company's adjusted ring fence profits for an accounting period are to be reduced by the cumulative total amount of activated allowance for the accounting period (but are not to be reduced below zero).
(2)In relation to a company and an accounting period, the “cumulative total amount of activated allowance” is—
where—
A is the total of any amounts of activated allowance the company has, for any cluster areas, for the accounting period (see section 356JH(2)) or for reference periods within the accounting period (see section 356JJ(1)), and
C is any amount carried forward to the period under section 356JGA.
356JGACarrying forward of activated allowanceU.K.
(1)This section applies where, in the case of a company and an accounting period, the cumulative total amount of activated allowance (see section 356JG(2)) is greater than the adjusted ring fence profits.
(2)The difference is carried forward to the next accounting period.]